PK Seth v. CIT

286 ITR 318High Court2006#10461 most cited

What is PK Seth v. CIT authority for?

Where the Assessing Officer has accepted the identity and creditworthiness of loan creditors and their assessments are on record, the genuineness of the transaction is established if the amount was received by account payee cheques.

10

judgments rely on this decision, according to BharatTax’s citation analysis of 366,314 Indian tax judgments — from 2020 to 2024.

Also referred to as

PK Seth v. CIT · 286 ITR 318 · cash credits · identity of creditors · creditworthiness of creditors · genuineness of transactions · account payee cheques · loans from family members · unexplained loans · AO accepted creditor assessments

Issues it is cited on

companyinterest

Judgments citing PK Seth v. CIT

M/S Bagora Developers P Ltd, Indore vs. The Ait OSD, Indore

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 73/IND/2021[2011-12]Status: DisposedITAT Indore15 Feb 2024AY 2011-12

Bench: Shri Vijay Pal Rao & Shri B.M. Biyanim/S. Bagora Developers Pvt. Acit- Ltd. Indore 34, Revenue Nagar Vs. Indore (Appellant / Assessee) (Respondent/ Revenue) Pan: Aaecb6424E Assessee By Shri Siddharth Mahajan & Ashok Mahajan, Ars Revenue By Shri Ashish Porwal, Sr. Dr Date Of Hearing 15.01.2024 Date Of Pronouncement 15.02.2024

Section 148Section 234ASection 234BSection 271(1)(c)Section 271F

…therefore, the addition cannot be made in the hands of the assessee. In support of his contention he has relied upon the following decisions: (i)-CIT vs Metacam Industries, (2007) 7ITJ 310(MP):- (2000)245 ITR 160: (2000) 161 CTR (ii)-P.K. Sethi vs CIT (2006) 286 ITR 318(Gau.) A (iii)-Ashok Pal Daga vs CIT (1996) 220 ITR 452 (MP) (iv)-Orient Trading Company Ltd. Vs CIT (1963) 49 ITR 723(Bom.) Page 3 of 7 ITANo.73/Ind/2021 Bagora Developers P. ltd. 6. On the other hand, ld. DR has submitted that the land in question was purchased by the assessee and the sale deed is executed in the name of the assessee. Though…

Assistant Commissioner of Income-Tax, Circle-1(1), Raipur (Cg) vs. M/S Vandana Vidyut Limited, Raipur (Cg)

In the result, appeal of the revenue is allowed for statistical purposes in terms of our aforesaid observations

ITA 138/BIL/2017[2013-14]Status: DisposedITAT Raipur03 Jul 2023AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpiaआयकर अपील सं. / Ita No.138/Rpr/2017 "नधा"रण वष" / Assessment Year : 2013-14 The Assistant Commissioner Of Income Tax, Circle-1(1), Raipur (C.G.) .......अपीलाथ" / Appellant बनाम / V/S. M/S. Vandana Vidyut Limited Vandana Building, M.G Road, Jawahar Nagar, Raipur (C.G.) Pan : Aaacv7850L ……""यथ" / Respondent

For Appellant: NoneFor Respondent: Shri V.K Singh, CIT-DR
Section 143(3)Section 14ASection 14A(2)Section 250(4)Section 68

…ta related to the transactions between Dhira Vinimay Pvt. Ltd. and M/s Graceful Vincom Pvt. Ltd.?" 8. "Whether on points of law and on facts & circumstances of the case, the Ld. CIT(A) was justified in relying on the ratio of the decision of P. K. Seth vs CIT 286 ITR 318 Gau. 2006 which is completely distinguishable on the facts & circumstances of the instant case of the assessee?" 9. "Whether on points of law and on facts & circumstances of the case, the Ld. CIT(A) has erred by giving a finding which is contrary to the ratio of the judgement of the Hon'ble Supreme Court in the case of M/s Rajmandir Estates Pvt.…

DCIT, Circle- 25(1), New Delhi vs. Tepe Consultants Pvt. Ltd., New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 4595/DEL/2018[2010-11]Status: DisposedITAT Delhi17 May 2023AY 2010-11

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

For Appellant: Sh. Shailesh Gupta, CAFor Respondent: Sh. Rajesh K. Dhanesta, Sr. DR
Section 131Section 68

…THE INCOME TAX APPELLATE TRIBUNAL DELHIBENCH ‘G’, NEW DELHI Before Dr. B. R. R. Kumar, Accountant Member Sh. Yogesh Kumar US, Judicial Member ITA No. 4595/Del/2018 : Asstt. Years: 2010-11 DCIT, Vs. Tepe Consultants Pvt. Ltd, Circle-25(1), C-20, Pamposh Enclave, Greater New Delhi Kailash, New Delhi-110048 (APPELLANT) (RESPONDENT) PAN No. AAACT2658N Assessee by : Sh. Shailesh Gupta, CA Revenue by : Sh. Rajesh K. Dhanesta, Sr. DR Date of Hearing: 20.02.2023 Date of Pronouncement: 17.05.2023 ORDER Per Dr. B. R. R. Kumar, Accountant Member: This appeal has been filed by the Revenue against the order of ld. CIT(A)-3…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

ITA 42/RPR/2020[2014-15]Status: DisposedITAT Raipur02 Sept 2021AY 2014-15

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

For Appellant: Shri R. B. Doshi, C.A
Section 40A(3)

…Officer did not apply his, own mind to that information. As per the assessment order of M/s Zigma Dealcom the creditors were duly assessed to tax and their capital was accepted. Further M/s Zigma Dealcom is duly assessed to tax. In the case of PK Seth v. CIT 286 ITR 318 Gau. 2006 honourable HC appreciated the fact that out of the three requirements, the first two, viz. The identity of the creditors and their creditworthiness had been established since the creditors were being assessed to tax and their assessment particulars were before the AO which were not proved as false. In respect of the genuineness of the t…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

ITA 41/RPR/2020[2013-14]Status: DisposedITAT Raipur02 Sept 2021AY 2013-14

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

For Appellant: Shri R. B. Doshi, C.A
Section 40A(3)

…Officer did not apply his, own mind to that information. As per the assessment order of M/s Zigma Dealcom the creditors were duly assessed to tax and their capital was accepted. Further M/s Zigma Dealcom is duly assessed to tax. In the case of PK Seth v. CIT 286 ITR 318 Gau. 2006 honourable HC appreciated the fact that out of the three requirements, the first two, viz. The identity of the creditors and their creditworthiness had been established since the creditors were being assessed to tax and their assessment particulars were before the AO which were not proved as false. In respect of the genuineness of the t…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

ITA 40/RPR/2020[2012-13]Status: DisposedITAT Raipur02 Sept 2021AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

For Appellant: Shri R. B. Doshi, C.A
Section 40A(3)

…Officer did not apply his, own mind to that information. As per the assessment order of M/s Zigma Dealcom the creditors were duly assessed to tax and their capital was accepted. Further M/s Zigma Dealcom is duly assessed to tax. In the case of PK Seth v. CIT 286 ITR 318 Gau. 2006 honourable HC appreciated the fact that out of the three requirements, the first two, viz. The identity of the creditors and their creditworthiness had been established since the creditors were being assessed to tax and their assessment particulars were before the AO which were not proved as false. In respect of the genuineness of the t…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

ITA 39/RPR/2020[2011-12]Status: DisposedITAT Raipur02 Sept 2021AY 2011-12

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

For Appellant: Shri R. B. Doshi, C.A
Section 40A(3)

…Officer did not apply his, own mind to that information. As per the assessment order of M/s Zigma Dealcom the creditors were duly assessed to tax and their capital was accepted. Further M/s Zigma Dealcom is duly assessed to tax. In the case of PK Seth v. CIT 286 ITR 318 Gau. 2006 honourable HC appreciated the fact that out of the three requirements, the first two, viz. The identity of the creditors and their creditworthiness had been established since the creditors were being assessed to tax and their assessment particulars were before the AO which were not proved as false. In respect of the genuineness of the t…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

ITA 38/RPR/2020[2010-11]Status: DisposedITAT Raipur02 Sept 2021AY 2010-11

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

For Appellant: Shri R. B. Doshi, C.A
Section 40A(3)

…Officer did not apply his, own mind to that information. As per the assessment order of M/s Zigma Dealcom the creditors were duly assessed to tax and their capital was accepted. Further M/s Zigma Dealcom is duly assessed to tax. In the case of PK Seth v. CIT 286 ITR 318 Gau. 2006 honourable HC appreciated the fact that out of the three requirements, the first two, viz. The identity of the creditors and their creditworthiness had been established since the creditors were being assessed to tax and their assessment particulars were before the AO which were not proved as false. In respect of the genuineness of the t…

Deputy Commissioner of Income Tax( Central)-2, Raipur vs. Mesers Shree Jagdamba Construction Company, Raipur

In the result, appeal of the Revenue is dismissed

ITA 37/RPR/2020[2009-10]Status: DisposedITAT Raipur02 Sept 2021AY 2009-10

Bench: Shri Pradip Kumar Kedia & Shri Pawan Singhआयकर अपील सं./I.T.A. Nos. 37 To 42/Rpr/2020 ("नधा"रण वष" / Assessment Years : 2009-10 To 2014-15)

For Appellant: Shri R. B. Doshi, C.A
Section 40A(3)

…Officer did not apply his, own mind to that information. As per the assessment order of M/s Zigma Dealcom the creditors were duly assessed to tax and their capital was accepted. Further M/s Zigma Dealcom is duly assessed to tax. In the case of PK Seth v. CIT 286 ITR 318 Gau. 2006 honourable HC appreciated the fact that out of the three requirements, the first two, viz. The identity of the creditors and their creditworthiness had been established since the creditors were being assessed to tax and their assessment particulars were before the AO which were not proved as false. In respect of the genuineness of the t…

Meenu Kapoor, Delhi vs. ACIT, Circle-47(1), New Delhi

In the result, appeal of the Assessee allowed

ITA 8333/DEL/2019[2016-17]Status: DisposedITAT Delhi25 Feb 2020AY 2016-17

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishiita.No.8333/Del./2019 Assessment Year 2016-2017 Meenu Kapoor, 819 Katra Neel, The Acit, Circle-47(1), Chandni Chowk, Vs., Delhi – 110 006 New Delhi. Pan Aajpk6319D (Appellant) (Respondent) For Assessee : Shri R.K. Singhal, C.A. For Revenue : Ms. Pramita M. Biswas, Cit-Dr Date Of Hearing : 17.02.2020 Date Of Pronouncement : 25.02.2020 Order Per Bhavnesh Saini, J.M. This Appeal By Assessee Has Been Directed Against The Order Of The Ld. Cit(A)-16, New Delhi, Dated 03.09.2019, For The A.Y. 2016-2017, Challenging The Order Of The Ld. Cit(A) In Upholding The Addition Of Rs.10,20,45,840/- On Account Of Unexplained Loan Under Section 68 Of The I.T. Act, 1961. 2

For Appellant: Shri R.K. Singhal, C.AFor Respondent: Ms. Pramita M. Biswas, CIT-DR
Section 68

…preme Court has dismissed.” 6.5. The Hon’ble Supreme Court has dismissed the special leave petition filed by the Revenue against this Judgment reported in [2002] 254 ITR (St.) 275. 6.6. The Hon’ble Gauhati High Court in the case of P.K. Sethi vs., CIT [2006] 286 ITR 318 (Gauhati) held as under : “For the assessment year 1989-90, the assessee filed a return showing, inter alia, certain amounts received as loan from family members and 19 ITA.No.8333/Del./2019 Meenu Kapoor,Delhi. relatives. The Assessing Officer held an enquiry to find out the identity of the creditors, their creditworthiness and the genuineness o…

PK Seth v. CIT (286 ITR 318) — Cited in 10 Judgments | BharatTax